Fitch revises HPCL view to positive

Fitch Ratings said it revised the outlook on HPCL-Mittal Energy Ltd. to positive from stable and affirmed its long-term issuer default rating at BB. The agency also affirmed the ratings on the $375 million of 5¼% senior unsecured notes due 2027 and 300 million of 5.45% senior unsecured notes due 2026 at BB-.

“The outlook revision reflects our expectations of improvement in HMEL's financial profile above our positive rating sensitivities over the financial years ending March 2023 (FY23) to FY27. HMEL's falling capex intensity after the completion of a petrochemical project and the incremental cash flows from the gradual ramp-up of the project's commercial operations will drive the improvement of its credit profile,” Fitch said in a press release.

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